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Aspen Dental launches add-on, term B repricing at Libor plus 425 bps
By Sara Rosenberg
New York, May 24 – Aspen Dental Management Inc. launched on Tuesday its $45 million add-on term loan B with price talk of Libor plus 425 basis points with a 1% Libor floor and also launched a repricing of its existing roughly $397 million term loan B to Libor plus 425 bps with a 1% Libor floor from Libor plus 450 bps with a 1% Libor floor, according to a market source.
New money is being offered an original issue discount of 99.5 to 99.75, and existing money is being offered a par issue price, the source said.
The add-on and repriced term loan have 101 soft call protection for six months.
RBC Capital Markets LLC is the lead bank on the deal.
Proceeds from the add-on term loan will be used to fund a dividend.
Commitments are due at noon ET on May 31, the source added.
Aspen Dental is an East Syracuse, N.Y.-based dental support organization.
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